Legalizing marijuana is a much better plan for the economy than prohibition, according to a former DEA agent.
“Regulated cannabis works,” said Patrick Moen, managing director and general counsel at Seattle-based Privateer Holdings, a firm that invests in marijuana start-ups that are in need of funding.
Moen may have unique insight into how legalization could be a better deal for the economy than prohibition. Before transitioning into the marijuana industry, Moen was a DEA agent.
Moen is not overly concerned with Jeff Sessions’ recent decision to rescind the Cole Memo.
“It’s clearly out of touch with what the American people want,” he recently told CNBC.
While the move by Sessions has created a lot of anxiety, Moen still feels the future of the marijuana industry is still on solid ground.
“We might see a short-term chilling effect on investment and banking,” Moen said, as retailers learn how to manage regulations around cannabis. “[But] we’re seeing steady and continued growth in terms of access to capital,” he said.